IDFC First Bank Q2 profit rises 35%

Hyderabad: IDFC First Bank on Saturday reported a 35 per cent rise in net profit at Rs 751 crore in the second quarter ended September driven by operating income. The lender had posted a net profit of Rs 556 crore in the year-ago period. Total income in the second quarter of the current fiscal rose to Rs 8,786 crore from Rs 6,531 crore in the same period a year ago, IDFC First Bank said in a regulatory filing. The net interest income (NII) of the bank improved by 32 per cent to Rs 3,950 crore against Rs 3,002 crore in September 2022. The net interest margin increased to 6.32 per cent at the end of September 2023 as against 5.83 per cent at the end of second quarter of previous year. The bank’s asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.11 per cent of gross advances at the end of the September quarter from 3.18 per cent a year ago. Similarly, net NPAs or bad loans declined to 0.68 per cent as against 1.09 per cent in the year-ago period. Provision coverage ratio (including technical write-off) of the bank has increased to 84.09 per cent as of September 30, 2023 from 76.49 per cent as of September 30, 2022, it said.